Blockchain Technology is as community-oriented open source initiatives that allows each members of the decentralized network have free will over their decisions, unlike authority as in the case of centralized exchange where a governing body give rules and autorities. The working of a centralized exchange is in direct contradiction to the community driven ideas of the Blockchain Technology.
Blockchain technology is entirely trust worthy, ensure security, improved traceability of transactions, have more efficiency and fast. crypto currency is build to allow instant, secure, anonymous and peer-peer payments all over the world and helps to prevent corruption and other money laundering related activities.
2019 marked 10years since introduction of Bitcoin—the first ever decentralized cryptocurrency and the first used case of Blockchain, was unveiled. technically, Blockchain solved the decades-long double spending issues faced that had stopped cryptocurrencies from being created and deployed. Many people, doubted its potentials when it was initially lunched.
Its interesting to know that the basic features of cryptocurrency is that it can’t be controlled by any middlemen or authorities. block chain makes digital identity and record keeping better and so people can create an encrypted digital hub where they can store their personal digital information, being completely in control and giving or revoking access to it.
PlatON is a cryptographic-based computing network which features produced in a high range of capability, transparency and privacy. In the generation of cyber insecurity and limited accessibility to secure transaction online, PlatON is a realization of a practical VC (Vapnik–Chervonenkis) algorithm, that requires no external setup, and compared to previous VC or Zero Knowledge Proof (ZKP) solutions, significantly shortens proof size and enables accelerated proof generation and verification. In the workflow of PlatON, confidentiality is accomplished using full homomorphic encryption (FHE) and secure multi-party computation (MPC), which jointly guarantees the privacy of the input data and computing logic.
The trustless computing on PlatON, in contrast to trusted computing that relies on trusted hardware or TEE (e.g. SGX) provided by third party manufacturer for computing integrity, only depends on falsifiable cryptographic assumptions, thereby providing unprecedented security of private data through its lifetime without a trust boundary.
HERE IS HOW PlatON WORKS
- Users deploy and release Meta Smart Contract which contains algorithm parameters, computation function and economic incentives.
- Users call the smart contract and send transactions.
- Complex computations are broken down into sub-tasks in circuit form and distributed to multiple computing nodes.
- Computing nodes execute computation and generate the proof.
- Computing nodes commit computation results and the proof.
- On-chain nodes broadcast computation results and the proof.
- Block producers verify the proof.
- Verified computation results are returned to the user via smart contract.
- Economic rewards are executed on-chain according to the Value of Computing Contribution.
PlatON cooperates with Wanxiang Blockchain to develop a next-generation consortium chain for enterprise-level applications.
- Provide blockchain infrastructure and built-in services for distributed commerce
- Offer alternative consensus mechanisms to meet the needs of different business scenarios
- Provide cryptographic-based privacy preserving computation to support secure data exchange.
User name Bounty0x : sobaint1
eth address : 0xd1E7Ff1cf68b9935C7e1aF2a3936bB5e487B0FF6